The NJ house and Senate have passed S1925/A2966, and it looks like the governor is going to sign it. For some reason I had a hard time deciphering some of the analysis. In a nutshell, though, I think that prices fetched for SRECs will hover back to the $300-400 range when this stuff starts to go into effect, which will be in 2013.
Here's some helpful explanation from Matt Elliott of Environment New Jersey.
An excerpt from Mr. Elliott's statement:
“This bill ensures the continued success of our state’s solar economy. Because of our remarkable success on solar to date, we are building at a faster rate than ever anticipated. As a result, we’ve seen an oversupply of solar credits on the market, causing the value of those credits to plummet for homeowners and businesses. The bill passed today would accelerate the state’s solar requirements over the next few years, driving up demand for the credits and helping to stabilize the solar market, all while helping to bring twice as much more solar to New Jersey in the very immediate future."
“The recent boom in solar development demonstrates that our state’s potential is much greater than previously anticipated. Moving forward, longer-term state policy must keep up with that potential. We should be increasing the state’s overall clean energy requirements and ensuring more of our clean energy goals are carved out for solar specifically. In the short term, however, this bill will ensure that New Jersey continues to be a solar leader. Without a doubt, today is a good day for solar in New Jersey.”